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Your plain-English guide to administering an estate and/or trust
As more and more of the population reach senior ages—including baby boomers, many of whom do not have wills—an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of Estate & Trust Administration For Dummiesguides you through the confusing process of administering an estate and/or trust.
Settling an estate and administering a trust can be complicated, messy, and time-consuming for individuals named as executor or trustee, most of whom have no previous experience with such matters. Estate & Trust Administration For Dummies shows you how to make sound decisions for your unique circumstances.
- Guides you through the confusing process of administering an estate and/or trust
- Provides expert advice on unfamiliar estate and trust tax law
- Gives you a practical checklist to follow for all of your estate and trust administration questions and concerns
Whether you're looking for guidance on how to navigate the probate process and estate taxes, settle debts and bequests, fund a trust, comply with tax regulations, or anything in between, this hands-on, friendly guide takes away the mystery and provides detailed answers to all of your estate and trust administration questions.
- Sales Rank: #156560 in eBooks
- Published on: 2013-05-07
- Released on: 2013-05-07
- Format: Kindle eBook
From the Back Cover
Learn to:
- Take the proper steps to navigate estate and trust processes
- Comply with tax regulations
- Make sense of unfamiliar estate and trust administration terms
Your plain-English guide to administering an estate or trust
Administering an estate or a trust is a big responsibility. This practical, authoritative guide contains advice for handling estates and trusts, whether large or small. It also explains how to read and interpret documents, take care of a loved one's estate in the event he or she never created a will, and help the estate or trust avoid paying too much (or too little) in taxes.
- Estate and Trust Administration 101 — get the lowdown on estate and trust administration lingo; who the players are; and, in the case of trusts, exactly what games are being played
- From soup to nuts — determine what the decedent owned (and owed), locate the necessary documents, figure out who inherits, shepherd the estate through the probate process, distribute what's left after everyone has been paid, and close the estate for good
- The powers that be — discover what powers you have as trustee, what duties you're expected to perform, how to keep the necessary records, and the best way to terminate the trust after its job is done
- A pain in the tax — find a plain-English explanation of preparing a simple estate tax return (Form 706), annual income tax returns for trusts and estates (Form 1041), and the decedent's final Form 1040
Open the book and find:
- The first steps to take after a loved one's death
- Guidance on navigating the probate process
- Advice on marshaling and liquidating assets
- The duties of trustees and executors
- How to file income tax returns for a decedent, estate, or trust
- Common pitfalls to avoid
- Tips on finding and managing professional help
- Ten common taxes you may have to pay
About the Author
Margaret Atkins Munro, EA, is a tax advisor, writer, and lecturer with more than 30 years' experience in trusts, estates, family tax, and small business. Kathryn A. Murphy, Esq., is an attorney with more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.
Most helpful customer reviews
56 of 56 people found the following review helpful.
Review: Estate and Trust Administration for Dummies, Exec Summ: Excellent!
By H. J. Spivack
In reviewing the "Estate & Trust Administration for Dummies" book, I should disclose that I am a financial planner. While I may be a dummy, I've found this series is rarely dumb, often insightful and sometimes downright terrific. This Edition (if that's the right word, it is the 2nd edition but I mean this book) is well written, comprehensive and plain-language-clear.
The book is not written for professionals necessarily, but it does cover a lot of ground that a professional should know or ought to be reminded of. It is thorough and as a professional, I expect I will review parts of it in the future as a clear reference guide.
The first section of the book covers fiduciary standards with regard to estate/trust administration. It is coming from the viewpoint that the reader may become the administrator or executor of an estate upon someone's passing and what they need to know. It talks about understanding and extent of duties, how estates work, identifying different types of trusts (yep, there's a lot of them!) It also talks about the professionals that are needed (or sometimes not needed) in administering to an estate (not just the lawyer and tax accountant) and how to practice diligent responsibilities in executing the estate.
The second section is a timeline, more or less. When you have an estate, the process is conducted in a very specific order. First probate, then determination of assets and valuation, prepping a probate inventory, paying expenses (including paying off the beneficiaries who have likely been chomping at the bit for 9 months expecting a check) and, finally, closing of the estate.
The next section is specific to trusts, understanding the trustee's duties, how the trust can or will be funded, how its assets are invested. During the life of the trust, there are key responsibilities that include accounting (principal vs. income), paying of beneficiaries, tax filings and, possibly, a termination of trust once its purpose is fulfilled. These duties can be time consuming, expensive and nerve-wracking. The book does a good job of summarizing in such a way that a trustee is aware of what they need to know and how to execute their responsibilities. This is, in my humble opinion, the best section of the book.
The last part of the book is devoted to taxes, the preparation of a final 1040, an Estate Tax Return, returns for decedent estates or trusts and K-1 reporting. A little dry, but the author does a good job of keeping the reader awake and engaged.
All in all, the book is an excellent primer on the topic and I recommend it strongly for anyone who may become either an executor or a trustee. If you are working with someone who will be acting as a corporate trustee, this is also a very good read. It may not give you all the answers that you want (that would take a law degree and years of experience) but it will lead you to ask the right questions.
25 of 26 people found the following review helpful.
Comprehensive and informative
By Kcorn
If you know very little about the responsibilities of forming and administering a trust, this book can help get you up to speed - as well as explain when you should seek additional advice from experts. The authors understand that one book is unlikely to cover all situations. But having faced the process of estate distribution after the death of a relative, I'm amazed by how much information the authors have covered in this book. Even after my own experience, I still discovered plenty of new information in this comprehensive volume. I only wish I'd known most of it much earlier. It could have prevented significant obstacles after my relative's death.
With 60 years of experience in administering estates and trusts, the authors have gained an impressive body of knowledge. Using accessible language, they share both the common and unusual scenarios that personal representatives of an estate could face. And everything is designed to eliminate confusion, although I did review some key parts several times (but I'm the type to check and double check information anyway).
I found the book to be an excellent reference. With 5 sections and 22 chapters, it might be an overwhelming task to try to read the entire book in one fell swoop. Luckily, as the authors point out, it isn't meant to be read cover to cover. For example, if you only want to learn about funding a trust or liquidating assets, you can focus on those particular topics and review other material later.
There is basic info - how to take the first steps after a death, navigating probate, closing an estate - as well as more unique situations. Readers are also given a "heads up" about the more unusual pitfalls of estates and trusts, with a special warning symbol next to pertinent sections. I found this very helpful and it kept me from bypassing crucial material.
A book review can't list all the information contained in this volume. I'd have to write an essay - or more - to do justice to everything here. But I can note some topics which caught my attention. I was particularly intrigued by the state by state compilation of the Intestacy Rules as well as deadlines for state estate taxes. They can vary significantly from one state to the other. The list for prioritizing payments for an estate and deciding which claims should be paid first could save significant time.
Of course the rules for estate administration are likely to change over time but the basic types of trusts, from grantor to irrevocable, tend to follow certain guidelines. Estate and Trust Administration for Dummies would have been extremely useful to have on hand when my relative died. It is equally worth reading now. I did seek help from an expert in trust administration and would certainly urge readers of this book to heed the authors' advice about when to do the same.
All the material falls into 5 broad sections: getting started with estate and trust administration, administering the estate, operating revocable and irrevocable trusts, paying taxes and the rules of tens (ten pitfalls, ten types of taxes that might have to be paid). Within those general categories is the kind of helpful advice which can provide reassurance when faced with the responsibility of administering trusts and estates. Highly recommended.
31 of 35 people found the following review helpful.
Helpful guide to practical aspects of Trust administration
By Victor Blake
This text may be very helpful to anyone who has suddenly or unexpectedly been thurst into the role of Trustee, executor, or administrator for example, upon the passing of a family member who has entrusted them to settle their estate. It may also be useful to a Trustee designated to handle other types of trusts for example a Life Insurance Trust.
Although the practice has largely been delegated to attorneys in the past, there is no necessary reason why family members cannot perform these functions. This book explains the language, terms, and procedures to help administer such a trust. To this end, the book is focused on typical examples of decisions and actions that trustees, executors, and administrators might need to make. For this audience the book is nominally sufficient to supply to a potential trustee, for example, to introduce them to the role and expectation of the commitment involved.
What the book does not do at all is to really explain why trusts (of various types) are used in the first place. Trusts are a valuable tool in estate planning. A well organized estate plan, including trusts and other instruments, can go a long way to preserve peace of mind and peace in a family where there is a clean plan for assets, responsibilities (duties), and benefits (beneficiaries). In failing to provide the rationale, the book also fails to explain how to select trustees or executors.
This book is therefore limited in its value to the audience identified above, and is not particularly useful for those engaged in estate planning (planning their own estate), setting up trusts, identifying trustees, etc. The book would have been far more valuable if had provided guidance as to the rationale for the instruments and the selection of parties (trustees, executors, administrators), etc.
With the assistance of books like this, it is possible for family members or friends to help manage trusts, but this book is not designed to and does not provide the proper guidance for determining what kind of trust you need and how to set it up. Although attorney costs can be significant, those costs are minor in comparison to the cost of even a simple error or mistake. Buy this book to read to learn more, but not as a substitute for experienced counsel.
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